Remember when it was cool to take sides against the demands of the IMF's restrictions on aid to Latin America?
We've now come full circle. The International Monetary Fund is asking the third world to bail out the first.
International Monetary Fund chief Christine Lagarde will seek support from Latin America’s largest economies this week to help contain Europe’s mounting debt crisis.
The visit that kicks off in Peru today, her first to Latin America since taking office in July, marks a role reversal for a region that harbors deep-seated resentment over decades of IMF-imposed austerity measures, said Roberto Abdenur, a former Brazilian ambassador to the U.S.
“Previously, local authorities trembled when even the most junior IMF official visited,” Abdenur said in a telephone interview. “Today, the chief is coming to seek aid. It’s an historic about-turn.”
It goes without saying that you won't hear Bono decrying the plight of Europe's debt-ridden nations. The days of railing against "IMF-ing" outrages are behind us.
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